The NMP Blog

If you know me, you'll know that I'm a big proponent of data-driven decision making. Undoubtedly, there is a certain level of know-how that experience can give you. But, when it comes down to making a decision based on data or based solely on a hunch, I would go with the data every single time. But, as it turns out, that might not be enough.

Submitted by on Thu, 2016/05/26 - 3:49pm

Question: What are elements of a Pre-Closing Quality Control Plan? Also, how should these audits fit into the process flow?

Answer             
Fannie Mae, Freddie Mac and FHA all require mortgage lenders to perform pre-closing, or pre-funding, reviews prior to loan consummation. The quality control plan should encompass the following elements:          

Submitted by on Thu, 2016/05/26 - 3:42pm

You may have noticed that News From NAMB is not just links to other media stories but also goes to primary sources. News From NAMB is different because we find important information that may not be reported elsewhere and we comment on why it is relevant to you, often in a fun way. Best of all, it is free to NAMB members. News From NAMB is sponsored exclusively by United Wholesale Mortgage

Submitted by on Thu, 2016/05/26 - 3:31pm

I write and speak with leaders in the mortgage industry a great deal on the value of teamwork. I firmly believe that you cannot possibly be a great leader unless you surround yourself with great people. The synergies that are created in a group of people who work well together can whether any storm and are key to achieving success at every turn. Certainly, you should be very concerned with building and developing solid relationships in your team. But, here's a question for you: Can a great team ever become a weakness?

Submitted by on Fri, 2016/05/20 - 10:26am

Question: We recently heard FHA implemented a number of updates and revisions to its systems. What are the changes and when will they take effect?

Answer
On March 14, 2016, FHA’s Office of Single Family Housing published an update to its Single Family Housing Policy Handbook 4000.1 (“Handbook”). This update included several key changes to the Origination through Post-Closing/Endorsement for Title II Forward Mortgages section. 

We highlight certain salient changes below:

New requirement that for Limited 203(k) mortgages the contractor’s written proposal must indicate what work items require permits and state that the repairs are non-structural. This is effective for FHA case numbers assigned on or after June 30, 2016. [Handbook § II.A.8.a.vii.(H).(2)]

Submitted by on Thu, 2016/05/19 - 4:28pm

You may have noticed that News From NAMB is not just links to other media stories but also goes to primary sources.  News From NAMB is different because we find important information that may not be reported elsewhere and we comment on why it is relevant to you, often in a fun way.  Best of all, it is free to NAMB members. News From NAMB is sponsored exclusively by United Wholesale Mortgage

Submitted by on Thu, 2016/05/19 - 4:23pm

On the May 16 episode of my Lykken on Lending podcast, an interesting conversation arose on the issue of productivity in the mortgage industry. After Motivity's John Maynell shared his weekly key performance indicator on the "submitted to initial decision," measured in hours. Alice Alvey made the comment that many companies focus only on days rather than hours. Then, cohost Andy Schell mentioned that he had work with companies that even go down the minutes.

Submitted by on Thu, 2016/05/19 - 3:57pm

In the mortgage industry, there has been a generational trend that we've become quite accustomed to. It has become so much a tradition that we consider it to be the natural cycle of homeownership. When a couple has kids, they move into a bigger house. Then, when the kids have grown, they downsize and trade their bigger home for a smaller home. The next generation of couples have kids and take the bigger home. Everyone's happy. But is this trend going to continue going forward?

Submitted by on Fri, 2016/05/13 - 3:04pm

You may have noticed that News From NAMB is not just links to other media stories but also goes to primary sources. News From NAMB is different because we find important information that may not be reported elsewhere and we comment on why it is relevant to you, often in a fun way. Best of all, it is free to NAMB members. News From NAMB is sponsored exclusively by United Wholesale Mortgage

Submitted by on Thu, 2016/05/12 - 8:16pm

Question: We are a bank that received a warning from our regulator regarding the fact that we had suspended credit privileges for a borrower but did not restore the credit privileges in a timely manner. The borrower did not request the suspense. We made the determination based on some concerns involving their handling of the credit extension. What I want to know is this: when do we have to restore credit privileges?

Answer
Creditors must restore credit privileges as soon as reasonably possible after the condition that permitted the suspension of credit privileges cease to exists. [12 CFR Supp. I to Part 226 – Official Staff Commentary, § 226.5b(f)(3)(vi)-4]

Submitted by on Thu, 2016/05/12 - 2:34pm

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